CIT Serves as Joint Lead Arranger on $1.16 Billion Financing for PRO Unlimited Inc.
NEW YORK, Nov. 2, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Asset-Based Lending business served as joint lead arranger on a $1.16 billion financing for PRO Unlimited Inc., a leading Integrated Workforce Management (IWM) platform provider.
Serving hundreds of the world's most recognizable brands, PRO Unlimited offers modern workforce management and a partner ecosystem supported by data, software, intelligence and services to meet organizations' flexible workforce needs. Proceeds were used in part to facilitate the company's acquisition of Workforce Logiq, a global provider of AI-powered workforce intelligence, technology, and services, and for general corporate purposes.
"We've had a long-term relationship with CIT as our lender and were pleased to have them participate as joint lead arranger in this latest financing as we continue to optimize our organization for future growth and ongoing innovation," said Kevin Akeroyd, CEO of PRO Unlimited.
"Our decade-long engagement with PRO Unlimited is an example of how our relationship-oriented approach can help companies finance their growth trajectory," said Chris Esposito, managing director and group head for CIT's Asset-Based Lending business. "We were pleased to play a role in this latest round of financing as the company pursues its growth agenda and continues its evolution."
CIT's Asset-Based Lending business meets clients' working capital needs by offering innovative structures that reduce funding costs and lower operational risks while improving earnings by leveraging accounts receivable, inventory or fixed assets as collateral.
About CIT
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.
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John M. Moran
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SOURCE CIT Group Inc.
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